NAIROBI, April 27 Kenya's TPS Eastern Africa
said on Thursday it had swung into a pretax profit of
325.3 million shillings ($3.15 million) in 2016 from a loss of
211 million shillings the year before, helped by higher revenues
and a jump in its core profit.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) jumped 78 percent to 983.64 million shillings, while
revenue rose to 6.47 billion shillings from 6.19 billion
shillings, the company said in a statement.
It said performance was helped by improved security in Kenya
and the rest of East Africa, which helped improve tourist
arrivals in the second half of 2016.
TPS, which operates a chain of luxury hotels, lodges and
tented camps under its Serena brand, is also present in
Tanzania, Uganda and Rwanda.
It said its earnings per share rose to 0.54 shillings from a
loss of 1.63 shillings in 2015.
In 2015, Kenya's economy struggled with a number of
challenges including attacks blamed on Somalia's al Shabaab
militants that scared away tourists and eroded foreign exchange
earnings in the sector.
($1 = 103.2000 Kenyan shillings)
(Reporting by George Obulutsa; Editing by Biju Dwarakanath)